Race is on to develop oil-free ships

The increasingly high cost of oil is spurring a need for fuel efficient vessels among shipbuilders. The first successful gas-propelled ship has been developed by South Korea’s Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME). DSME claims that its new gas-powered technology cuts down fuel costs by more than 13.4 billion won (US$ 11.9 million) for a 14,000 TEU (1 TEU is equal to a 20-feet container). DSME, in addition to its gas-powered ships, is working on a fuel cell for shipping vessels in conjunction with POSCO Power. (February 24, 2011)